This Taiwanese Billionaire Is Launching An Asian 'Nobel Prize'

One of Taiwan's richest men on Monday launched what has been
widely touted as the Asian equivalent of the Nobel Prize, and it
is even more lucrative than the famed Swedish award.

Samuel Yin, head of the sprawling Ruentex business empire which
has invested heavily in China, said that by donating Tw$3 billion
($101 million) for the Tang Prize he had fulfilled one of his
biggest dreams.

"I hope that the prize will encourage more research that is
beneficial to the world and humankind, promote Chinese culture
and make the world a better place," he said in a statement
released by the prize foundation.

The prize is named after China's Tang Dynasty (618-907), which is
much admired by Yin, the foundation said.

The dynasty has inspired generation after generation with
admiration for its vibrant characteristics of self-confidence and
cosmopolitan inclusiveness, which are the qualities that the Tang
Prize seeks to promote, it said.

Beginning in 2014 prizes will be awarded every two years in four
different categories — sustainable development, biopharmaceutical
science, sinology and the "rule of law" — to individuals,
regardless of nationality.

The winner in each category will receive Tw$50 million ($1.7
million), compared to the eight million Swedish kronor ($1.2
million) that comes with a Nobel Prize.

The Tang Prize will help raise Taiwan's profile in the
international scientific community, the statement said.

Nobel Prizes are awarded in the fields of physics, chemistry,
physiology or medicine, literature, peace and economics.